ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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industry
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niche
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market position
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substitute
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Detailed explanation-1: -A small, specialized segment of the market, usually based on a customer needs discovered in a market research. The act of identfying a specific market niche for a product. A feature that makes a product more desirable than its competitors’ products. A complete picture of a venture’s prospective customers.
Detailed explanation-2: -A Niche market refers to a customer segment with highly defined characteristics. This segment requires a highly tailored product, custom made to suit their needs. Therefore the value propositions, channels ad customer relationships are tightly defined by the preferences of this particular customer segment.
Detailed explanation-3: -Operating in a niche market means you’ll deal with less or no competition. Many companies or individuals like to serve many customers. By going narrow, you’ll offer a specific product that’ll eliminate many companies from your customers’ radar.
Detailed explanation-4: -Conscious consumers. Health and wellness. Pet owners. The LGBTQ+ community. Travelers. Gamers. Homeowners. Remote workers. More items •11-Apr-2021